The increasing pressure to make manufacturing processes automated is the primary reason for the growth of the global human machine interface market. In addition, the application of human machine interface across industries is also projected to benefit the overall market in the coming few years. According to the research report, the global human machine interface (HMI) market is likely to progress at a CAGR of 12.5% during the forecast period from 2016 to 2024. The opportunity in the overall market is projected to reach US$11 bn by the end of 2024 from US$3.9 bn in 2015.

Efforts to Automate Favor Market Growth

Analysts anticipate that global market will witness a steady growth rate due to ongoing efforts by the governments across the globe to introduce automation in industries such as oil and gas, packaging, and manufacturing. These efforts are especially pronounced in regions such as North America and Europe. The growing adoption of human machine interface technology in emerging economies is expected to boost the overall market in the coming years. Despite the high cost of installing this technology, the market will respond to the intensifying need of bringing in operational efficiencies.

Several End Users to Augment Demand for HMI Services due to Obstacles in Operations

On the basis of types of human machine interface, the global market is segmented into hardware, software, and services. The hardware segment is further divided into display, processor/computer, and others such as joysticks and keypads. The report states that the hardware segment held a whopping share of 57% in the global market in 2015. During the forecast period, the services segment is projected to display a steady growth rate due to a monumental demand for technical expertise to address a wide range of difficulties faced by end users while using human machine interface systems.

Emerging Manufacturing Sector in Asia Pacific Boosts Regional Market

On the basis of geography, the global market is segmented into Asia Pacific, North America, Europe, and Rest of the World. Of these, Asia Pacific is projected to charge ahead of others during the forecast period. The phenomenal pace of Asia Pacific human machine interface market will be attributable to the sudden rise in the manufacturing activities of emerging economies such as China, Japan, and India. These developing countries are expected to offer lucrative growth opportunities to the market. The research report assesses that introduction of human machine interface technologies will also manufacturers to offer accurate customizations and prolong service. North America and Europe will also show a significant rise in the overall market as several end users are vying to ensure operational efficiency in a wide range of work processes.

The competitive landscape in the global human machine interface market is projected to get consolidated in the coming years. The market is likely to witness a high degree of competition as well. Some of the leading players making a difference to the trajectory of the global market are Atmel Corporation, Eaton Corporation, Siemens AG, ABB Ltd., Honeywell International Inc., EAO AG, Bartec GmbH, Gefran SPA, General Electric Co., Rockwell Automation, Inc., Elektrobit Corporation, Parker Hannifin Corporation, Advantech Co. Ltd., American Industrial Systems, Inc., Emerson Electric Corporation, Beijer Electronics Inc., Schneider Electric SE, Danaher Corporation, Yokogawa Electric Corporation, and Omron Corporation.

Global Human Machine Interface (HMI) Market: Overview

The global market for human machine interface (HMI) is gaining a substantial impetus from the increasing automation in the manufacturing industry across the world. In 2015, the market presented an opportunity worth US$3.9 bn. Researchers anticipate the market to rise at a robust CAGR of 2.50% during the period from 2016 to 2024 and attain a value of US$11 bn by the end of 2024.

This research report is a thorough analytical study of the performance of the worldwide market for human machine interface in past and over the period from 2016 to 2024. The market report especially focuses on the growth boosters, obstructions, challenges, prospects, and the prominent trends in this market in an effort to determine the pace of its progress.

Global Human Machine Interface (HMI) Market: Trends and Opportunities

The demand for HMI hardware is increasing significantly across the world, thanks to their efficiency and sturdiness. The segment is anticipated to remain witnessing high demand in the years to come, maintaining its lead over other types of human machine interfaces.

Human machine interfaces find considerable application in the healthcare and pharmaceutical, manufacturing, automotive, packaging, defense and aerospace, oil and gas, food and beverage, metal and mining, and various other sectors, such as retail and transportation. Of these, the most significant demand for human machine interfaces is from the manufacturing industry and this scenario is likely to remain so over the next few years.

Global Human Machine Interface (HMI) Market: Regional Outlook

Based on the geographies, the global market for human resource interface is classified into North America, Asia Pacific, Europe, the Middle East and Africa (MEA), and South America. Among these, Asia Pacific has surfaced the dominant regional market for human machine interface across the world. The constant increase in production activities, especially in emerging Asian economies, such as India, China, and Japan, is the main factor behind the significant growth of the Asia Pacific market for human machine interface. Over the years, these economies are likely to produce more lucrative opportunities, which will reflect on this regional market, ensuring its future dominance.

North America and Europe are also projected witness a steady rise in their respective market for human machine interface over the next few years, as a number of enterprises in these regions are striving to ensure operational efficacy in a varied array of work procedures.